"SoFi Technologies Inc.'s ( NASDAQ: SOFI) chief executive officer stated at a conference earlier this year that the fintech company is targeting 30% member growth and 20% revenue growth. In the past week, the stock popped over 10% but then gave up most of that gain, in part due o concerns over the stability of the U.S. regional banking sector. The share price now is up 149.5% from six months ago, outperforming the S&P 500 and Nasdaq. SoFi's one-year gain is 164.9%."
"SoFi has been exploring re-entery into the crypto and blockchain space. It recently announced the launch of a new, actively managed exchange-traded fund (ETF) focused on artificial intelligence, as well as the rollout of Level 1 options trading for its SoFi Invest members. It also announced a partnership with Lightspark to leverage blockchain technology for international money transfers. The company's third-quarter earnings report is expected in late October."
"SoFi made its public debut on June 1, 2021, through a merger with a special purpose acquisition company (SPAC), Social Capital Hedosophia Holding Corp. V. Before the merger, the company's original name was Social Finance. It started as a student loan financing firm before expanding into loans, mortgages, and other financial products. After the SPAC acquisition, SoFi was equipped with substantial capital to enhance its technology stack to better scale its 2020 acquisition of Galileo."
SoFi Technologies targets 30% member growth and 20% revenue growth while expanding offerings including an AI-focused ETF, Level 1 options trading, and blockchain partnerships for international transfers. The stock surged roughly 149.5% over six months and about 164.9% over one year but showed recent volatility tied to regional banking stability concerns and recession worries. Analyst opinions diverge: Morgan Stanley kept an Underweight rating while raising its $18 target, some see a steep valuation premium, and others forecast long-term growth potential. SoFi went public via a 2021 SPAC merger and used capital to scale its Galileo platform. Third-quarter earnings are expected in late October.
Read at 24/7 Wall St.
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